Space launch service market expected to reach USD 31bn by 2026

FinancialNewsMedia.com has announced a report from Fortune Business Insights that said the global Space Launch Services Market size (worth USD 11.36 billion in 2018) is projected to reach USD 31.35 billion by 2026, exhibiting a CAGR of 13.73% during the forecast period, the company said.

The market is set to gain momentum from the rising number of deep space exploration and human spacecraft projects. Another report from Mordor Intelligence agrees that the spacecraft market will grow, saying that: The global race among the countries for space exploration and an increase in spending in the space sector are expected to be the key driving factors for the market, during the forecast period (2025).

Leading countries in space exploration, like the United States and Russia, despite their competitive rivalry, are coming together in the space sector, for venturing new space projects. This may support the growth of the spacecraft market, during the forecast period. Active tech companies in the markets this week include FLIR Systems, Inc. (NASDAQ: FLIR), Plymouth Rock Technologies Inc. (CSE: PRT) (OTCQB: PLRTF) AeroVironment, Inc. (NASDAQ: AVAV), Northrop Grumman Corporation (NYSE: NOC), L3Harris Technologies, Inc. (NYSE: LHX).

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